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June 2014 Payments Newsletter

  • By Staff Writers
  • Published: 6/19/2014

This month, Payments turns its attention toward fraud and cyber risk, as recent events have caused quite a shakeup. We begin by recapping a session at the CTC Corporate Treasurer’s Forum in Chicago earlier this month, in which FBI Special Agent Kory Bakken provided an insider’s view of the GameOver Zeus botnet, which was recently sinkholed by law enforcement. The powerful botnet was responsible for stealing at least $125 million, including about $1 million in wire transfers. We also look at the recent security breach at P.F. Chang’s, which is now believed to have gone on for nine months and may have compromised up to 7 million cards. Also this month, Tom Hunt, CTP, AFP's Director of Treasury Services reports on a Bitcoin discussion at the General Assembly of the Association of Corporate Treasurers—Suisse Romande (ACTSR) in Geneva, Switzerland, the U.S. surpasses Taiwan as an offshore RMB clearing center, and more.

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